There's one last category of SBA loan that you should know
about but hope you'll never need--Disaster Assistance loans.
These are the only loans the SBA makes directly, and the stated
goal of the program is to offer long-term disaster assistance. This
means the loans can carry up to a 30-year maturity, depending upon
yourability to repay the loan. You should use any insurance funds
first, but the SBA will make a loan with the stipulation that your
insurance proceeds, when you receive them, will be used to repay
the loan. The SBA Disaster Assistance program includes two loans
targeted to small businesses. Economic Injury Disaster Loans
provide working capital for a company until it can reopen its
doors. Business Physical Disaster Loans can be used to replace or
repair damaged business property. They have a maximum lending limit
of $1.5 million.